The accounting profession and financial statement fraud. (CE credit).

The Forensic Examiner | January 1, 2003| | Copyright

ABSTRACT

Financial statement fraud has become a serious problem for accounting regulators in recent years. Disclosure of financial statement fraud has resulted in huge losses in the market value of the affected stock and lawsuits directed against both the companies involved and the auditors of such companies. Regulators have responded to the attacks on the credibility of financial statements by proposing new rules and regulations. Of particular importance is the report published in 2000 issued by the Panel on Audit Effectiveness. The Panel was appointed at the request of the ...

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